2024 年 03 月 27 日 策 略 研 究 投资策略 流动性与仓位周观察——3 月第四期 相关研究报告 <<日央行"靴子"落地，美联储还能 "嘴硬"多久>>--2024-03-21 <<流动性与仓位周观察——3 月第三 期>>--2024-03-19 <<估值与盈利周观察——3 月第三 期>>--2024-03-19 <<流动性与仓位周观察——3 月第二 期>>--2024-03-13 <<估值与盈利周观察——3 月第二 期>>--2024-03-12 证券分析师：张冬冬 电话：13817265616 E-MAIL：zhangdd@tpyzq.com 执业资格证书编号：S1190522040001 市场流动性转弱，交投活跃度上升。上周全 A 成交额 5.41 万亿，换 手率 6.82%，较前一周上升，融资供给端中基金、两融资金净流入，ETF 资金、北向资金净流出；融资需求端 IPO 规模及再融资规模较上周上升。 市场资金合计净流出 72.10 亿元，流动性转弱。 国内流动性：上周公开市场操作净回笼资金 170 亿元，R007 上升， DR007 下降，DR007 与 R007 利差扩大，金融机构间流动性 ...

Core Insights - The report indicates a general decline in market valuations, with a notable performance differentiation among growth stocks, particularly the micro-cap indices [1][3][4] - The overall market valuation has slightly adjusted, with major indices currently positioned below the 50th percentile historical valuation [1][4][29] - The report highlights that the agricultural, forestry, animal husbandry, and fishery sectors, along with media and comprehensive sectors, showed the highest growth, while construction materials, pharmaceutical biology, and non-ferrous metals lagged behind [1][12][44] Valuation and Performance Summary - The micro-cap index and the National Index 2000 have outperformed, while the ChiNext Index and the Sci-Tech 50 have underperformed [1][17][44] - The report notes that the overall valuation of broad indices has decreased, with the ChiNext Index relative PE and PB showing slight declines [1][49] - The report emphasizes that the current valuation levels across major industries are generally low, with financial real estate, equipment manufacturing, industrial services, transportation, consumption, and technology all below the 50th percentile of historical valuations [1][29][52] Industry Insights - The report identifies that the financial and growth styles have the lowest PEG values, indicating a higher allocation value, while the dividend index and financial style have the lowest PB-ROE values, suggesting a minimal growth premium paid by investors [1][52] - The report also mentions that the valuation of popular concepts such as advanced packaging, central state-owned enterprises, AIGC, and robotics is at a relatively high historical percentile, while other popular concepts are at lower historical valuation percentiles [1][38] - The earnings expectations for various sectors have been adjusted, with significant downward revisions in social services and comprehensive sectors, while the real estate sector has seen the largest upward adjustment [1][40]

2024年03月27日 公 司点评 公 买入 / 首次 司 VESYNC(02148) 研 究 目标价: 昨收盘:5.05 2023H2 业绩扭亏为盈，亚洲地区营收端增速亮眼  走势比较 事件：2024年3月25日，Vesync发布2023年年报。2023年公司实 现总营收5.86亿美元(+19.4%)，归母净利润0.77亿美元(2022年同期为 70% -0.16亿美元)。2023H2公司实现总营收3.09亿美元(+15.53%)，归母净 太 50% 利润0.45亿美元(2022年同期为-0.32亿美元)。 平 30% 分渠道看，2023H2非亚马逊渠道高增，亚马逊渠道稳健增长。1）亚 洋 10% 马逊渠道：2023H2营收达2.37亿美元（+8.87%）, 增速较快主系公司空 证 (10%) 气净化器、塔扇、烤箱等品类销量增加。2）非亚马逊渠道：2023H2营收 72/3/32 8/6/32 02/8/32 1/11/32 31/1/42 62/3/42 券 达0.72亿美元（+44.87%），实现高速增长，主系连锁零售商门店进驻数 (30%) 股 量大幅增加、门店销售额大幅提升；2023年公司进驻超约 ...

Investment Rating - The report maintains a "Buy" rating for the company, Ouma Electric [29]. Core Views - Ouma Electric is expected to benefit from export demand and the "old-for-new" policy, which will catalyze growth in the refrigerator sector. The integration with TCL is anticipated to enhance operational efficiency and profitability [29][12]. - The company has shown significant improvement in profitability, with a projected net profit of 8.76 billion RMB for 2024, increasing to 12.87 billion RMB by 2026, corresponding to EPS of 0.81, 0.93, and 1.19 RMB respectively [22][29]. Company Overview - Ouma Electric, established in 2002, focuses on ODM exports and has shifted back to its core refrigerator business after divesting its internet finance operations. The company has a strong market position, being one of the top four global refrigerator manufacturers and the leading exporter in China [29][46]. - The company’s revenue for 2023 is reported at 15.18 billion RMB, reflecting a year-on-year growth of 30.15%. The overseas business accounts for 67.44% of total revenue, indicating a strong reliance on international markets [42][54]. Industry Analysis - The global refrigerator market is experiencing steady growth, with production reaching 217 million units in 2023, a 5.9% increase year-on-year. The retail market is also expanding, with a 3.04% increase in revenue [58][82]. - Emerging markets are showing significant potential for growth, with the demand for refrigerators in regions like Africa increasing by 25.9% in 2023 [79][82]. Financial Analysis - The company has demonstrated a recovery in profitability, with a net profit of 787 million RMB in 2023, a 69.37% increase from the previous year. The gross and net profit margins have also improved to 23.68% and 10.13% respectively [54][69]. - The financial outlook for Ouma Electric is positive, with expected revenue growth driven by both export demand and domestic sales initiatives [67][29].

2024年03月27日 行 业策略 看好 / 维持 行 计算机 业 研 究 计算机 半导体设备国产化持续推进，重点关注 AMHS 领域 ◼ 走势比较 报告摘要 10% (1( 42 %% ))72/3/32 8/6/32 02/8/32 1/11/32 31/1/42 62/3/42 ChinaA 2M 0H 2S 4产 在品 上化 海节 举奏 行逐 ，步 在加 A快 MH。 S(2 A0 u2 t4 om年 at3 ic月 Ma2 t0 e日 ri- a3 月 Han2 d2 l日 in， SS ye sm ti ec mon 太 l g ) 平 (26%) 领域，国内厂商代表华芯（嘉兴）智能装备有限公司（华芯智能）等国内 洋 (38%) 厂商参展，展示了第四代天车飞兔OHT实机等新产品，产品化节奏逐步加 快。 证 (50%) 券 计算机 沪深300 AHMS助力晶圆厂降本增效，已成智能制造标配。AMHS中文译作“自动 股 物料搬送系统”或“天车”，能快速准确的按照工艺流程在生产设备之间搬 ◼ 子行业评级 份 送装载晶圆的载具，是半导体产业链中极其关键的环节。AMHS 由传输设 备、存储设备、净化设备和控制 ...

2024年03月22日 行 业周报 看好 / 维持 行 食品饮料 业 研 究 食品饮料 春糖反馈略超预期，白酒批价稳定需求韧性充足 n 走势比较 报告摘要 10% 白酒：春糖白酒反馈略超预期，五粮液尤为亮眼，酒企主流大单 2% 品淡季批价坚挺强化渠道信心，市场供需结构优化，库存水平合理。 12/3/32 2/6/32 41/8/32 62/01/32 7/1/42 02/3/42 (6%) 太 春糖白酒反馈略超预期，价格端表现积极增强渠道信心：今年春 平 (14%) 糖白酒板块品牌招商趋向理性和精细化，淡季主流大单品价盘表现积 洋 (22%) 极，渠道反馈总体略超预期。近期在名优酒企今世缘、山西汾酒等对核 心单品提价换代、高端酒企五粮液坚决贯彻控量挺价策略的推动下，部 证 (30%) 分酒企的大单品批价环比稳中有升。3 月21 日普5/青花20/国缘四开批 券 食品饮料 沪深300 价分别为 935/370/400 元，环比 1 月 1 日批价 925/350/390 元分别提升 股 10/20/10 元，春节后核心单品批价稳定且略有提升，淡季批价的积极表 n 子行业评级 现提升了渠道商的利润空间，有效提振产 ...

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [2]. Core Insights - Roche's PI3Kα inhibitor, GDC-0077 (Inavolisib), is proposed to be included as a breakthrough therapy for adult patients with locally advanced or metastatic breast cancer with PIK3CA mutations, HR-positive, and HER2-negative [1][2]. - The pharmaceutical sector experienced a decline of 0.40% on March 26, 2024, underperforming the CSI 300 index by 0.91 percentage points, ranking 25th among 31 sub-industries [1]. - Notable performers within the sector included blood products (+0.47%) and offline pharmacies (+0.20%), while medical R&D outsourcing (-1.39%) and in vitro diagnostics (-1.55%) lagged behind [1]. Summary by Sections Market Performance - As of March 26, 2024, the pharmaceutical sector's performance was -0.40%, underperforming the CSI 300 index by 0.91 percentage points, with blood products and offline pharmacies showing positive growth [1]. Industry News - Roche's GDC-0077 is set to be recognized as a breakthrough therapy for specific breast cancer patients, highlighting advancements in targeted therapies [1]. - China National Medical Products Administration (NMPA) has approved several products from companies like Sinopharm Modern and Five Continents Medical, indicating ongoing regulatory progress in the industry [1]. Company News - Sinopharm Modern received GMP certification from the Australian Therapeutic Goods Administration for its production lines, enhancing its operational credibility [1]. - Five Continents Medical's HWJECT Auto-disable syringe has been approved by the FDA, marking a significant milestone for the company in the medical device sector [1].

[Table_Message] 2024-3-24 行业周报 行 看好/维持 业 基础化工 研 究 [Table_Title] 报 告 钛白粉价格调涨，制冷剂延续强势 ◼ 走势对比 [报T告ab摘le要_S ummary] 20% 1.重点行业和产品情况跟踪 太 钛白粉：多家公司发布涨价函，钛白粉价格调涨。本周龙佰集 0% 平 123456789012123 团宣布自2024年以来的第三次价格调整，公司各型号钛白粉销售价 /////////111/// 333333333///444 222222222333222 洋 000000000222000 格在原价基础上对国内各类客户上调500元人民币/吨，对国际各类 -20%2222222220 20 20 2222 证 客户上调100美元/吨。自2024年起国内钛白粉生产商的出口订单 券 量持续保持在较高水平，国际钛白粉行业的领军企业如科慕、特诺、 -40% 基础化工 沪深300 股 范能拓和康诺斯等，近期也相继实施了 100 至 200 美元/吨的价格 份 [Table_IndustryList] 上涨，在国际市场上进一步巩固钛白粉价格的坚挺态势。上游钛矿 ...

Investment Rating - The report maintains a positive outlook on the industry [2] Core Insights - The refrigerant prices continue to rise, driven by increased production from downstream air conditioning manufacturers and strong cost support from raw materials like fluorite and hydrofluoric acid [2][7] - The prices of feed additives are also increasing due to tight market conditions and low inventory levels among manufacturers [2][30] - Lithium battery materials are experiencing price increases, influenced by rising production costs and improved demand from the electric vehicle sector [2][34] Summary by Sections 1. Key Chemical Products Tracking - Refrigerant prices have seen significant increases, with R32 rising by 4.00%, R410a by 2.94%, and R22 by 2.27% during the week of March 16-22 [5][11] - The price of R22 is now 22,500 CNY per ton, while R125 is at 44,000 CNY per ton, reflecting a 500 CNY increase from the previous week [11] 2. Fluorochemical New Materials - The prices of fluorite and hydrofluoric acid remain stable, with fluorite priced at 3,300 CNY per ton and hydrofluoric acid at 9,575 CNY per ton [7][10] - The production of fluorite has slightly increased, while inventory levels have decreased, indicating a tightening market [7] 3. Lithium Battery Materials - The price of battery-grade lithium carbonate has risen to 112,700 CNY per ton, marking a 0.4% increase from the previous week [34] - The price of hexafluorophosphate lithium has also increased to 71,000 CNY per ton, up by 1.43% [34] - The demand for lithium battery materials is bolstered by the recovery in the electric vehicle market, with significant increases in production and orders from leading manufacturers [30][34] 4. Feed Additives - The average market price for threonine is now 10.28 CNY per kilogram, up by 0.25 CNY, and lysine is at 10.47 CNY per kilogram, up by 0.54 CNY [2][30] - The market is experiencing tight supply conditions due to production halts at some manufacturers, leading to price increases [2][30] 5. Photovoltaic/Wind Power Materials - The demand for EVA materials remains stable, with prices showing slight increases due to limited supply and steady demand [15][19] - The cumulative installed capacity for photovoltaic and wind power in China has seen significant growth, indicating a robust market environment [16][19]

Investment Rating - The report maintains a "Buy" rating for the automotive industry, indicating a positive outlook for the sector [2][12]. Core Insights - The report highlights that Huawei's AITO M9 has exceeded expectations with over 60,000 pre-orders, translating to approximately 30 billion yuan in revenue. This is expected to drive a new wave of industry growth [2][12]. - The automotive sector is anticipated to rebound, supported by new product cycles led by companies like Ideal and Huawei, indicating an upward turning point in industry sentiment [2][12]. - The report emphasizes three key investment themes: Huawei's automotive ecosystem, Ideal's automotive performance, and Tesla's global delivery growth [2][12]. Summary by Sections Industry Dynamics - The report notes that the AITO M9 has achieved significant pre-order milestones, with 60,000 orders within 86 days of launch, showcasing strong market demand [5][12]. - Ideal Automotive has adjusted its first-quarter delivery guidance down to 76,000-78,000 units, a reduction of approximately 24% from previous estimates [6][12]. - Tesla plans to increase the price of its Model Y by 5,000 yuan starting April 1, which may influence market dynamics and consumer confidence [6][12]. Key Brand Tracking - In the third week of March 2024, Tesla led new energy vehicle sales with 12,600 units, followed by AITO with 8,600 units, and Ideal with 7,000 units [13][14]. - The report tracks monthly sales data, indicating that AITO's February deliveries reached 21,142 units, a year-on-year increase of 503% [14][16]. Market Performance Review - The report indicates that the automotive sector is currently experiencing low valuations, suggesting potential for growth as market conditions improve [3][12]. - It highlights the competitive landscape, with various brands adjusting pricing and promotional strategies to attract consumers amid a price war [18][22].